There has been widespread debate in the crypto community about the police raid on Binance’s Shanghai office.

The press report was initially published by TheBlock, and we addressed the news as soon as it came out:

Sources: Chinese police raid Binance’s Shanghai office

To be answered by the CEO of the Binance platform that the news is unfounded and that it is just news to sow doubt and fear.

Binance CEO denies news of police raid on Binance’s Shanghai office

But the source of the news “TheBlock” did not retract or modify his report and insisted on the authenticity of some parts, such as Binance having an office in Shanghai earlier.

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Recently, according to Primitive Ventures co-founder Dovey Wan, a local TV station in Shanghai reported that Binance’s Shanghai office was a call center operated by Babi Finance.

Shanghai local TV station covered “Binanace Shanghai office closing” tonight

Both original news quotes and Binance’s response to fake news

I explained what a ‘Binance’ office in Shanghai is – an offshore client representative team, under My Door Funding (Binance Investment) pic.twitter.com/InYOqCaxwi

🗝 🦖 (DoveyWan) November 25, 2019

Dovey Wan said Babi Finance is an investment made earlier by Binance, which outsourced customer representation to the platform.

reported Reports According to a reporter, Changpeng Zhao, CEO of Binance, said he would sue the post that appeared on “The Block” that talked about the company’s attack on Binance’s office in Shanghai.

Binance co-founder and chief marketing officer Yi He also tweeted that it’s time to apologize to Binance for the wrong report.

The block has been dismantled, it’s time to apologize.

– Ye Hee (@heyibinance) November 25, 2019

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Since the report was released, Binance has denied having an office in Shanghai in recent years and said it had not been raided by Shanghai police.

Despite all this, Matthew Graham, CEO of Sino Global Capital, said that Babi Finance has been closed for some time, which will complicate the issue further and the meaning of this particular timing.

Graham said on Twitter:

As I understand it, Babi Finance (the site that was using has been down for some time.

The last post from Babi’s official WeChat account was in November 2018 (the same date that Binance closed).

There is a lot to unpack here.

Local sources also mentioned that the report of the post on Theblock refers to the Shanghai-based office of Babi, a blockchain-related media company that is not directly linked to Binance.

Other users first reported that Babi was being used as a camouflage cover by Binance.

It is common to use a cover company, and it can be understood that your assets in turn are managed by a media company 😳

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– Jasmine Liu (@jasminecoin) November 26, 2019

According to TheBlock’s director of research, Larry Cermack, the previous post referring to the police attack on Binance’s Shanghai office did not explicitly indicate that the sweeper in question belonged to Babi.

Correct me if I’m wrong but the news said they visited the Binance Shanghai office in person and saw that it was closed. So in the past few years, Binance has hired people through Babi Finance. Not that the desk itself belongs to my door. How did you come to your interpretation?

– Larry Cermack (lawmaster) November 25, 2019

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